Marwick Buys Two Buildings, 14 Acres in $12.5M Deal

The two-story, 62,000-sf office building on Massachusetts Avenue sold for $7.9 million while the one-story, 45,000-sf research and development building on Codman Hill went for $4.1 million. The additional land is fully permitted for 33,000-sf of office and R&D space.

Drake Behrakis, president of Marwick tells GlobeSt.com that the buildings made an appealing investment for a number of reasons, chief of which are their location--right off Route 495--and the fact that the buildings are nearly fully leased. The Massachusetts Avenue building has a few thousand sf available, according to Behrakis. He adds that his company liked the mix in of office and research and development, as well as the potential land development, which allows for further diversification.

Codman Hill is leased by Rofin-Baasel, a subsidiary of an international laser manufacturer, and Coriolis Networks, an optical networking company. Their leases expire in 2006. Massachusetts Ave. has seven tenants including Tellium, an optical networking company, Eurologic, a network storage company, and a sales and marketing office for Kentucky Fried Chicken, A few of the leases expire in 2003 with the rest are not due until 2004.

Behrakis says that his company will not develop the adjacent parcel on speculation but will build to suit. "We want to get the pulse of the market and see what it has an appetite for," he notes.